RIYADH: King Salman received visiting Russian Minister of Energy Alexander Novak, who is heading the Russian side to the Saudi-Russian Joint Business Committee meeting held here Thursday.
The two leaders reviewed bilateral relations and the joint committee’s important role in enhancing cooperation between the two countries in various fields.
The audience with the king at Al-Yamamah Palace was preceded by a historic Saudi-Russian business meeting at the Council of Saudi Chambers (CSC), the first of its kind, which worked across a wide range of issues, starting off with joint commitments to grow and promote investment and trade relations.
The two sides discussed opportunities and areas of investment in both countries to build partnerships and to overcome challenges in enhancing the volume of trade and investment, especially in strategic sectors including energy, mining, transport, education, training, infrastructure, technology and health care.
The joint meetings come as part of the continued dialogue between the Kingdom and Russia that started in Moscow during the first Saudi-Russian Investment Forum, co-organized by the CSC, the Saudi Arabian General Investment Authority (SAGIA) and the Saudi-Russian Joint Council, after King Salman’s visit to Russia in October, which stressed supporting diplomatic and economic relations between the Kingdom and Russia.
Minister of Commerce and Investment Majid Al-Qassabi, Novak, and the governor of SAGIA, Ibrahim Al-Omar, attended the joint business meeting that saw the participation of many Saudi and Russian companies.
At the outset, Al-Qassabi recalled the king’s visit to Russia, calling for the momentum to continue the dialogue between Saudi and Russian businesses and investors to strengthen trade and investment between the two countries.
He also said that strong relations between the Kingdom and Russia necessitate the search for opportunities for cooperation between the two countries in various fields, especially in strategic sectors and non-oil products.
He pointed out that the Kingdom is witnessing unprecedented economic mobility and the steady development in the investment environment in line with Vision 2030, creating promising opportunities.
The recent trends of the Russian economy can pose great opportunities for growth projects between the two sides, he said calling for harnessing all possibilities to strengthen the Saudi-Russian trade partnership to achieve the aspirations of the leaders of the two countries and the interest of the two peoples.
Speaking at the meeting, the Russian minister pointed to the visit of King Salman and asserted that the visit brought a major shift in strengthening effective and constructive cooperation. He further exuded hope that the coming period will witness intensive meetings to transfer this cooperation to a greater level of partnership and investment projects, especially when there are good prospects and possibilities, which necessitates a doubling of efforts to increase the volume trade exchange on both sides.
Novak also pointed out the importance of focusing on investment in important sectors including energy, infrastructure, transport, education, agriculture, technology, training, solar energy and the development of ports and airports, pointing out that they are in the process of preparing programs for reciprocal visits by the concerned parties, as well as a road map to take advantage of capabilities and potentials in the light of the confidence and climate conducive to moving these relations forward.
The Russian minister also noted the cooperation and coordination between the two countries in the field of stability of the oil market, which led to a balance and significant improvement in oil prices that will revive the economy of the two countries.
The minister praised the newly launched investment project “Neom” by Crown Prince Mohammed bin Salman, expressing the willingness and interest of Russian companies to invest in this project.
Earlier, in his welcome address, the CSC chairman, Ahmed S. Al-Rajhi, said the meeting reflects the desire of the two sides to strengthen economic relations, and he expressed hope that it contribute positively for the bilateral trade and investment.
He pointed to the opportunities available to Russian companies to benefit from the current investment opportunities in line with Vision 2030.
Russian Deputy Minister of Industry and Trade Vasily Osmakov said that this forum is important in developing cooperation between the two countries, especially on the industrial side, pointing out that there are a lot of ideas that can be turned into projects in the fields of railways, air transport, engineering and renewable energy.
Hammad K. Al-Balawi, a specialist in investment attraction, made SAGIA’s presentation on the investment environment in Saudi Arabia. The presentation highlighted Vision 2030 based on three pillars of making Saudi Arabia, the heart of the Arab and Muslim world, an investment powerhouse, and a hub connecting three continents.
He pointed that Vision 2030 covers three major themes: A vibrant society, a thriving economy and an ambitious nation.
Saudi-Russian Business Meeting explores ways to boost investment, trade relations
Saudi-Russian Business Meeting explores ways to boost investment, trade relations
EU delegation reviews Saudi efforts to combat extremism
- Global Center for Combating Extremist Ideology’s secretary-general, Mansour Al-Shammari, received the delegation and addressed several topics of mutual interest in combating extremism
- EU members were briefed on the center’s strategy and its efforts to combat extremist ideology as well as mitigate its impact and messages
RIYADH: Members of the EU’s Political and Security Committee, including its chair, Delphine Pronk, paid an official visit to the Global Center for Combating Extremist Ideology in Riyadh.
The center’s secretary-general, Mansour Al-Shammari, received the delegation and addressed several topics of mutual interest in combating extremism.
The EU members were briefed on the center’s strategy and its efforts to combat extremist ideology as well as mitigate its impact and messages, the Saudi Press Agency reported on Tuesday.
They also learned about the community initiatives and international partnerships that promote the principles of tolerance and a culture of moderation.
The meeting was attended by EU Special Representative for the Gulf Luigi Di Maio, European External Action Service Managing Director for the Middle East and North Africa Helene Le Gal, EU Ambassador to Saudi Arabia Christophe Farnaud and Saudi Ambassador to the EU Haifa Al-Jedea.
Earlier, the EU delegation visited the Gulf Cooperation Council’s headquarters in Riyadh and met Secretary-General Jasem Al-Budaiwi to discuss mutual interests and joint efforts to address global challenges.
Topics included regional issues such as Israel, Gaza, Lebanon, Gulf security, Iran, maritime security in the Red Sea, Iraq, Sudan, the Horn of Africa and Russia’s aggression against Ukraine.
The delegation also met Saudi Minister of State for Foreign Affairs and Climate Envoy Adel Al-Jubeir to discuss climate change, environmental cooperation and strengthening joint efforts in these areas. They also reviewed recent foreign policy developments in Europe and the Middle East.
Riyadh exhibition explores palm’s role in ancient cultures
- Experts discuss challenges and innovations in date farming
RIYADH: The “Palm Tree in Civilizations” pavilion at the International Dates Conference and Exhibition in Riyadh, running until Nov. 28, highlights the historical significance of the palm tree across ancient cultures.
The pavilion explores how date palms supported food and economic sustainability, offering a historical journey through the ages.
It also showcases the palm’s importance in ancient Egypt through carvings and murals depicting its role in daily life and religious rituals, as well as in agriculture, construction, and fertility practices.
Organized by the National Center for Palm and Dates under the theme “World of Dates,” the exhibit also highlights the palm’s significance in Mesopotamia and the Levant, featuring ancient texts like the Code of Hammurabi, which protected palm cultivation, along with carvings illustrating their role in trade and society.
Artifacts from the Dilmun civilization highlighted the reliance of ancient Arab societies on palms for agriculture and trade.
The pavilion also showcases the palm’s symbolic role in the Levant, particularly among the Canaanites and Arameans, with depictions from historical sites like Palmyra emphasizing its importance in religious and artistic traditions.
Saad Alnajim, vice president of the Antiquities and Heritage Association in the Eastern Province, said: “Beyond providing food, medicine, and shade, the palm symbolizes belonging and pride, reflected in its place on Saudi Arabia’s national emblem.”
Abdulaziz Al-Tuwaijri, chairman of the National Committee for Environment, Water and Agriculture, said that dates are central to the Saudi economy, with Vision 2030 aiming to make the Kingdom the world’s largest date exporter.
He added: “Today, the Kingdom is the largest producer and exporter of dates, thanks to the clear vision of the crown prince, whose efforts we are now benefiting from.”
According to the UN Comtrade database, Saudi Arabia exported dates worth over SR1.4 billion ($373 million) to 119 countries by the end of 2023.
The Saudi General Authority for Statistics reported production exceeding 1.9 million tonnes, reflecting a 152.5 percent increase in export value since 2016, solidifying the Kingdom’s position as the world’s largest date exporter.
Meanwhile, a panel of global climate and agriculture experts discussed the impact of climate change on date palm cultivation.
The session focused on challenges such as delayed fruit maturation, reduced yields, pests, and pollution, and explored innovative solutions to address these issues. The panel emphasized the need for international cooperation and sustainable farming practices.
The discussion highlighted global best practices, including improved irrigation and smart agricultural techniques, as well as the importance of farmer education and technical support.
Recommendations included enhancing international collaboration, supporting research on climate-resistant varieties, and promoting awareness for sustainable date palm cultivation.
The exhibition offers a variety of entertainment activities, including folklore shows, regional poetry, and cooking competitions.
It also features a museum that takes visitors on a journey through the history of palm trees and dates over the past 1,000 years.
Additionally, a live cooking area brings together local and international chefs to prepare a variety of date-based dishes.
Saudi Arabia’s NEOM gigaproject a ‘generational investment,’ minister says
- The world’s top oil exporter has poured hundreds of billions of dollars into development projects through the kingdom’s $925 billion sovereign fund
RIYADH: Saudi Arabia’s NEOM gigaproject, a futuristic region being built in the desert, is a “generational investment” with a long timeline, the country’s investment minister told Reuters on Monday, adding that foreign investment will pick up pace.
“NEOM was not meant to be a two-year investable opportunity. If anybody expected NEOM to be foreign investment in two, three or five years, then they have gotten (it) wrong — it’s a generational investment,” Minister Khalid Al-Falih said on the sidelines of the World Investment Conference in Riyadh.
“The flywheel is starting and it will gain speed as we go forward, as some of the foundational assets come to the market,” he said.
The world’s top oil exporter has poured hundreds of billions of dollars into development projects through the kingdom’s $925 billion sovereign fund, the Public Investment Fund (PIF), as it undergoes an economic agenda dubbed Vision 2030 to cut dependence on fossil fuels.
NEOM, a Red Sea urban and industrial development nearly the size of Belgium that is meant to eventually house 9 million people, is central to Vision 2030. Saudi Arabia has scaled back some lofty ambitions to prioritize completing elements essential to hosting global sporting events over the next decade as rising costs weigh, sources told Reuters earlier this month. NEOM announced this month its long-time chief executive, Nadhmi Al-Nasr, had stepped down, without giving further details.
Asked what effect the departure would have on investors, the minister said the executive had done “a respectable job” but that “there is a time for everybody to pass on the baton.”
Asked if PIF will continue to do much of the spending on NEOM until more foreign funds come in, Al-Falih said it was not binary.
“I think foreign investors are starting to come to NEOM, they’re starting to channel capital. Some of the projects that the PIF will be doing will be financed through global capital pools, through some alternative and private capital. That’s taking place as we speak,” he said.
“So I urge you not to look at NEOM as being 100 percent PIF and then suddenly there will be a cliff and it will go private.”
Saudi Arabia, which is racing to attract $100 billion in annual foreign direct investment by the turn of the decade — reaching about a quarter of that in 2023 — has recently seen more co-investment deals between state entities and foreign investors.
“It’s always been the intent,” Al-Falih said of foreign inflows alongside state funds.
He noted that foreign investors were at times “still looking, still examining, still sometimes questioning,” but that now there was confidence in the profitability of investment opportunities and that “the risk-return trade-offs are very, very fair and positive to them.”
Saudi crown prince extends condolences to Kuwaiti counterpart on death of Sheikh Mohammed Abdulaziz Al-Jarrah Al-Sabah
RIYADH: Saudi Crown Prince Mohammed bin Salman sent a cable of condolences to Kuwaiti Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah on the passing of Sheikh Mohammed Abdulaziz Hamoud Al-Jarrah Al-Sabah.
In the cable, the crown prince extended his deepest sympathy to Sheikh Sabah and the family of the deceased.
Saudi tech diplomat meets Iraqi PM to discuss digital cooperation
- Deemah Al-Yahya, head of the multilateral Digital Cooperation Organization, commended Iraq’s investment in human capital as driver for growth and expansion of digital economy
- Iraq has been working in recent years to develop a strategy for digital transformation to help support the private and public sectors and grow the economy
RIYADH: Saudi senior tech diplomat Deemah AlYahya, the secretary-general of the multilateral Digital Cooperation Organization, held talks on Monday with Iraq’s prime minister, Mohammed Shia Al-Sudani, about support for Baghdad’s plans to develop its digital business and artificial intelligence sectors.
They discussed Iraq’s strategy for digital transformation, and the need to create and develop a workforce with the tech skills required to help grow the Iraqi economy effectively, the Saudi Press Agency reported.
Though Iraq is not a member of the DCO, an international body that focuses on the digital economy, Al-Sudani said his country is keen to work with the organization to meet the nation’s needs for a skilled workforce in the business sector.
AlYahya commended Iraq for the progress it has already made in terms of investment in the human capital needed to develop the digital skills that are essential to drive growth in a digitized economy.
Iraq has been working in recent years to develop a strategy for digital transformation to help support the private and public sectors and grow the economy. Authorities this month organized the first Digital Space Iraq Forum, which focused on the use of advanced technologies, including AI, to help build a comprehensive digital economy.
The DCO says that since it was founded in November 2020, it has been at the forefront of efforts to curate policies and initiatives to support the digital economy in several countries. Currently, 16 nations are members, including Saudi Arabia, Jordan, Pakistan, Bahrain, Bangladesh and Oman. It also has 39 observer partner organizations.
DCO member states have a collective gross domestic product of $3.5 trillion and serve a combined market of nearly 800 million people, more than 70 percent of whom are under the age of 35.
